4 May 2021
Coping with finances and grief when a loved one dies
Coping with the death of a loved one is one of life’s most stressful events imaginable – not only because of the psychological grieving process, but because of the financial challenges that can be incurred as well. According to the ONS in 2019, an average of 44,237 people die in the UK every month, which increased to 50,668 in 2020 and means that potentially hundreds of thousands of people will be grieving this month. Losing a loved one or preparing to lose a loved one is always going to be extremely difficult, but there are things you or they can do to slightly ease the process.
Talk To Someone
Talking to a family member or friend is a good way to begin the healing process and work through the many complex emotions that go hand-in-hand with the grieving process. If you’d rather not speak to someone you know, then GriefChat is a free online service which connects you to a bereavement counsellor who is specially trained to listen to you and to point you in the direction of further help and support. It’s available Monday to Friday, 9am to 9pm.
Look After Yourself
As well as the well-known emotional effects, grief can take a huge physical toll on those suffering from it. Exhaustion, aches and pains, a lowered immune system, weight loss (or gain) and trouble sleeping are all known symptoms of grief. Meditating, listening to relaxing music, getting a good night’s sleep and eating a healthy diet can help. If you don’t feel like cooking, then ask friends and family to help you prepare meals and see your doctor if you need further advice.
Make To-do Lists
Financial affairs can seem like a small issue when the immediate, emotional reality of a loss kicks in, but once the death has been registered, things need to start moving fast on the financial side. The funeral needs to be arranged, insurance companies, pension providers and banks need to be informed, and the executor of the will needs to be contacted. If possible, have the conversation with loved ones before they pass away about who needs to be contacted should they die, so you can focus as much energy as possible on the grieving process. There are many online checklists you can use as well to ensure you’ve covered everything.
Our Over 50s Life Cover provides an easy, affordable way to leave your loved ones with a guaranteed lump sum when you are no longer around. The money could be used to help towards the cost of your funeral, to pay off any outstanding bills, or simply as a gift to remember you by.
Sally Waterfield, Head of Marketing for Foresters Friendly Society commented: “With today’s ageing population and continued pressure on our finances, financial consideration for a time when you are no longer around is of growing importance. While from the outset it may seem difficult or impersonal to talk about a loved one’s passing, having open and practical conversations whereby financial plans are put in place is crucial. Not only do these go a long way to avoid unexpected high costs, but they also help to ease some of the emotional toll when the time comes.
Request an Over 50s Life Cover information pack today to find out more.
Depending on how long you live, the total amount you pay in to our Over 50s Life Cover may be more than the amount payable on your death. Please also bear in mind that if you should die during the first two years of the policy, payouts are limited to the return of premiums – other than in the case of accidental death when your dependants will receive your full lump sum. The lump sum your loved ones eventually receive may be subject to inheritance tax.
This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.